By Daniel Goldgut
Lots of people wonder what will happen to the money in their bank account after they pass away. Here’s what Daniel Goldgut, an estate planning lawyer and CEO and Co-Founder of online will platform Epilogue, say:“The answer often depends on whether they have a Will or not.
Once a bank is notified that someone has passed away the bank will freeze their accounts to make sure there is no fraud or unauthorized withdrawals.
From that point, the bank will only give access to the person who is authorized to deal with the deceased person’s assets. Who is that?
When someone makes a Will, they can choose the person who can access their accounts after they pass away. This person — often a family member or friend — is named as the “executor” or “estate trustee” in the Will.
When someone passes away without a Will, there is no executor, and someone needs to apply to the court to fill this role. This can be a lengthy and expensive process and can delay access to the money in the account.
Another benefit of having a Will is that once the bank account is accessed, the money gets distributed based on the wishes contained in the Will.
When there is no Will, the money is distributed according to a set of strict “default rules” that are different from province-to-province — even if that’s not what the person would have wanted.
It’s important to make sure that your bank accounts can be dealt with as soon as possible and that the money goes where you want it to. The only sure way to do this is to have a Will in place.”
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About the Author: Daniel Goldgut is the CEO and Co- Founder of Epilogue, a platform that helps Canadians prepare Wills and other important estate planning documents online. Before starting Epilogue, he spent 4 years in Toronto as a tax and estate planning lawyer. Daniel hopes that by making the estate planning process simpler and more affordable, he can help Canadians get these important documents in place.